May 31, 2018 / 3:22 PM / a year ago

Credit Suisse scales back rates team in electronic trade push

FILE PHOTO: An activist of environmental group Greenpeace is seen beside the logo of of Swiss bank Credit Suisse after unveiling a banner to protest against the financing of the Dakota-Access oil pipeline during the bank's annual shareholder meeting in Zurich, Switzerland April 28, 2017. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Credit Suisse Group will cut around 15 percent of its 60-strong team of rates traders in New York and London to focus on electronic trading.

“This will allow us to re-invest into our electronic platform and lean into product areas that better align to market environment and client demand,” a spokeswoman said, confirming the contents of a staff memo seen by Reuters.

The Swiss-based bank will enhance its international trading solutions service for corporate, wealth management and institutional clients and maintain its U.S. Treasury and Swiss primary dealerships, she added.

Reporting by Oliver Hirt, writing by Michael Shields; Editing by Alexandra Hudson

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